M&S share price: what’s the latest ahead of its Q3 trading update?

The British retailer will release its third quarter trading update next week, its first after the Christmas period, with investors hoping for a strong performance following the festive season.

Marks & Spencer (M&S) will unveil its third quarter trading update on January 9, with investors hopeful of a strong performance driven by an uptick in sales over the Christmas period.

Investors will also take solice in several investment banks upgrading their ratings for the stock ahead of its latest trading update.

M&S closed at 215p a share on Monday.

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Analysts upbeat about M&S price trajectory

Analysts at HSBC upgraded their rating for M&S to ‘hold’ from ‘reduce' in December, with Goldman Sachs and JP Cazenove also upgrading their ratings to ‘buy’ and ‘neutral’ respectively.

The three banks also upgraded their price targets for the stock to 225p, 220 and 200p respectively.

However, the most upbeat about stock was RBC Capital Markets, with it upgrading its rating to ‘outperform’ and issuing a target price of 230p.

‘We see potential for sentiment to improve on M&S driven by 1) A continuation of positive like-for-like sales trends in Food 2) Clothing outperforming depressed H2 market expectations and 3) The market better appreciating M&S' cashflow generation and potential Ocado JV benefits,’ RBC Capital Markets said in a note.

Based on M&S closing at 215p on Monday, analysts from RBC Capital Markets believe the stock has a potential upside of 6.9%.

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